Check out our brand new Local Poker Communities! Get updates and interact with poker players in your area.
Visit the United States Poker Community | Visit the California Poker Community | Read more about the Launch of P5s Local

Question about My Bank Failing

Reply to Thread
  1. adamsapple19 adamsapple19 is offline

    Pueblo, CO
    United States

    Posts: 1,769
    Joined: Nov 08

    Aug 20th, 2011 (8/20/2011 4:24am)

    So I opened up a secured credit card in May 2010 (15 months ago) in an effort to improve my credit report/score. It has worked quite well and my score continues to rise as time goes by.

    I just logged into the bank website to check my statement and a huge FDIC disclaimer popped up saying that on Thursday, August 18th Public Savings Bank was closed by the FDIC. More details here if interested.

    The failed banks accounts are being taken over by another bank in Maryland (Capital Bank). I understand my small credit card is safe and everything but my major concern lies within the credit reporting. I've built up 15 solid months of excellent credit reporting with Public Savings Bank (the failed bank) and my concern is that this card will close and a new card with the new bank will be issued. If that happens then it affects my average account age on my credit report and hurts my score.

    Hoping someone out there has a bit of insight on what effect this bank failing may or may not have on my credit report.
     
  2. ntanygd760 ntanygd760 is offline

    Fort Drum, NY
    United States

    Posts: 5,495
    Joined: Jul 08

    Aug 20th, 2011 (8/20/2011 4:28am) in reply to adamsapple19

    I could be wrong but I think the years your account has been active usually rolls over credit wise to the new bank. I can easily be wrong though.
     
Reply to Thread

Similar Threads